UPDATE: Evercore ISI Starts Nextdoor Holdings Inc. (KIND) at Outperform
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Evercore ISI analyst Mark Mahaney initiates coverage on Nextdoor Holdings Inc. (NYSE: KIND) with a Outperform rating and a price target of $16.00.
The analyst comments "Q3 EPS Helps Prove KIND is a True Structural Winner from The COVID Crisis: Recent Q3 EPS results clearly demonstrate that KIND’s user base is not experiencing a Pinterest-like pandemic hangover, given that it posted accelerating WAU Net Adds. More importantly, session frequency on Nextdoor is higher now than during peak-COVID and organic Net Adds were a record-high. Among COVID Winners, we look for companies who can deliver robust growth post-COVID and we believe Q3 results suggest KIND can. Finally, revenue growth of 66% Y/Y was consistent with Q2 on a 21pt tougher comp. Again with the caveat that KIND is operating from a very low revenue base ($210MM revenue run rate), the company is at a fundamental inflection point."
Shares of Nextdoor Holdings Inc. closed at $11.04 yesterday.
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